Starting a Business
Have you ever thought or dreamed about having your own business? The benefits of running your own business range from monetary gain to personal passion and fulfillment for the industry or business you are in. You might have a passion for cutting hair, or for gardening, when you are involved in your business it doesn’t feel like work, it feels like your hobby and interest making you more successful at it. Also having a sense of ownership and control over your business can let you run your business the way that benefits you and your team.
Do you have the option of starting your own business from scratch or even buying a pre-existing business? When you buy a pre-existing business from a seller who is looking to retire or just has other plans, you might have to pay a bit extra. This is because everything you need for the business to operate is already on the premises and the business already has establish customers. These customers come and go daily and are necessary for you to keep operating and turn a profit, sometimes the customers don’t even realize there’s a new owner to the business because the ownership transition was smooth. Sometimes you might even be able to get a business for the low because the current owner is not able to run the business well. The business owner is desperate to sell and you might get an opportunity where you can take this business to greater heights and success. When you have your own business it could be more time-consuming than having a 9-to-5 because of the commitment to the well-being of your business. However you are rewarded in the form of money, having the ability to hire help, employ others or family members.
Product Based Business
In this day and age we have the luxury of being able to buy pretty much any type of product. Whether it be hygiene, clothing, jewelry, tools, electronics online or at a store. Everything we need to operate on a daily basis can be bought at a store like Walmart. We even have the option to go online and view products and get them delivered to our doors, just with a click or tap you can order a product. You don’t even need to get up and drive to the store anymore. Taking advantage of this phenomenon are all the big retailers, also including some newcomers who slowly do business online. Buying products online has become so much easier for consumers and businesses are able to reach more consumers and make them into customers.
Selling products online has also taken off with websites such as eBay and Amazon. You even have the option of starting your own website and giving the option for customers to shop your products from their homes. This is not only convenient for consumers, it saves a business owner the money and struggles of opening up a store front. With a physical location you might only be limiting your customer base to people who can come to your store in person. With online sales you can ship across town, to a different state or even country.
Some retailers have an online and physical store as well, this could be because they originally started as a physical storefront and with the development of technology have adapted to the new norm.
You can start a product-based business online or with a storefront and you will most likely want to use social media to promote your business and products. You will be able to reach more customers for your business whether it be food, clothing, electronics.
Service Based Business
There are also numerous service-based businesses that you can start, ranging from food restaurant dining, fitness, financial services, property management, cleaning, welding, handyman services. You have the option of buying an already established service business or you can start from scratch. Depending on the amount of money you have will determine the choice you go with. Buying an already established business will require a lot more capital and saved money. Having access to the proper financing will also help.
Starting a business from scratch you have the option of buying the essential basic to what you need and when you start making money you can invest your money back into the business to open a store front or make more purchases such as efficient machines and tools to help you get more customers. Most of the service based businesses do not require you to have a physical location because the service you provide might be done at the customers residence. I have noticed more and more businesses adopting this mobile system, so they can be flexible and go to customers. I’ve seen barbers, tax agents, medical businesses, car wash businesses meeting their clients at the customers residence for business. It seems like everyone is getting lazy or just lacking the willingness to go get what they need and want. People have the option of ordering through app services and have the ability to get service provided to them at their convenience. This usually comes at a additional higher price but the folks love the option to have their barber see them at their home and not have to wait in line for a car wash on a hot sunny day especially on a Friday night for the weekend.
Mixed Based Business
I have even seen business that a product-based and service-based business. This usually includes the consumer buying a physical product they use in their daily lives and then paying a monthly or per use fee to use the product to its full potential.
One business I have seen do this is the peloton fitness machine, where you would buy the gym equipment and then you have the option to buy a subscription to a service where you have a social experience to working out from your home. The product is a fitness bike where you can connect online and work out with a live trainer and other subscribers to the service. Giving you the social feeling of being in a spin cycle class from your home.
Your cell phones have adapted a similar system, not only do you pay for the phones, you then buy apps on the phone to allow you to do more. Video game systems are sold separately from the games. You might have cable but you still have the option of pay for special programming via the pay-per-view option.
Many businesses have adopted this model, it has been around for a while but this advancement in technology has caused an increase in this type of business. People happen to be dependent on the services and products so they happen to be very profitable.
Franchise Business
There are literally thousands of franchises in all different types of industries that are looking for individuals to buy into their already full proof systems to promote and run the business in the new franchise region. There are franchises all across the United States that are national and even international brands such as McDonald’s. Someone other franchises are more local and might only be in the north east or south west region of the country, this could be by choice or just because they have not yet expanded and have not found individuals that are willing to partner up with them yet.
Franchises benefit newcomers into businesses because they supply the knowledge, experience and systems that are well developed already. The franchise wants you to succeed so they will work hard to train you for success. This is great for someone new to business, however being a franchisee is not attractive to other folks because it is costly. The initial fees to be a part of a franchise are usually steep, when you are a part of a franchise you have limited options on the choices you can make as a business owner.
As a franchisee you may notice that you are making lots of money but majority of it is going to the franchise and less is left over for you. You may also notice that you can’t make many choices as everything is already set up a certain way. So there is less freedom and control over the business. This could be for the better though because the franchises have done most of the hard work and research and they know what works and what doesn’t work.
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